Roll-back the Taft tax cuts for the rich
| By Doug - Jun 25th, 2009 at 1:49 am EDT |
It's past time that Gov. Strickland and the state legislature come to their senses. Taft's 25% tax cut for those in the highest tax bracket needs to be rescinded. The tax cut was passed in the name of job creation. Where's the beef!? President Bush's answer to every problem was tax cuts for the rich and unemployment is soaring.
The truth is that rich people don't typicically create jobs when given a tax cut. Tax cuts for rich people ends up causing speculation in the financial markets which leads to economic bubbles and busts.
Jobs are created when someone decides that they can make more money from hiring someone than the person's labor will cost them.
The federal top marginal tax rate was 94% during the presidencies of FDR ,Truman, Eisenhower and Kennedy and we had a stable, growing economy.
Taxes are on the way up in just about every state. Citizens are not going to tolerate 50% cuts in funding for libraries and schools, etc.
Our politicians need to find some backbone and do what they know needs done.
The truth is that rich people don't typicically create jobs when given a tax cut. Tax cuts for rich people ends up causing speculation in the financial markets which leads to economic bubbles and busts.
Jobs are created when someone decides that they can make more money from hiring someone than the person's labor will cost them.
The federal top marginal tax rate was 94% during the presidencies of FDR ,Truman, Eisenhower and Kennedy and we had a stable, growing economy.
Taxes are on the way up in just about every state. Citizens are not going to tolerate 50% cuts in funding for libraries and schools, etc.
Our politicians need to find some backbone and do what they know needs done.
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Personally I think we all need to rethink the no taxes thing. It obviously is not working.
When you start having pockets of low quality of life because of the lack of supporting economic tax base then it is time to rethink the model.
I know that taxation on corporations amounted to 40% of federal revenues 50 years ago and today corporate taxes only raise 7% of fed revenues.
The federal corporate tax rate is 35% which is decent enough but corporations have figured out loopholes, off-shoring, etc so they don't have to pay their fair share anymore. Think Halliburton moving to United Arab Emirates.
Strickland made a mistake to continue the cuts, and Kasich will lose because his main platform is to make sure there is no income tax at all. Is he nuts?